How to Find Affordable Life Insurance

Finding an affordable life insurance rate is like balancing a three-leg stool. If one is missing or short, you crash down. These are the three legs of the life insurance buying “stool”:

(1) Product + (2) Company + (3) Price = Affordable Life Insurance.

Affordable life insurance is not just about price. Company and product choice are major factors too. I cover all three factors below.  (In addition, to find out the nine inside secrets you must know to slash your premiums, get a copy of my book “Confessions of a Life Insurance Agent” and a quote FREE BY MAIL.)

ONE: Choosing the best insurance company

A knee-jerk response to “Which is the best company?” would be to pick the insurer with the best-known name. If they’re big. They must be good, right? That choice probably won’t lead you to affordable life insurance rates. They became famous because of huge, expensive advertising campaigns on national media.  They pay for that fame with the higher premiums you pay. You pay extra for a bigger name but are not getting a better product.

They count on you to being so impressed by their name recognition while hoping you won’t compare price. Often they are staffed by “captive agents” which means you cannot get a comparison quote.  (To learn about the effects “captive agents” vs. “brokers” can have on your rates, click here.)

Here’s an important fact; there are dozens of A-rated companies you’ve probably never heard of who are rock solid AND have lower rates! Instead of advertising to you in expensive ads with catchy slogans, they seek out brokers like me.  That’s a less expensive strategy and they pass on the savings to you with affordable life insurance rates.

TWO: Choosing the best kind of life insurance policy

Consider this: if you bought 10-year term when you really needed 20-year term, it would be an expensive mistake. That’s because at the end of the10 year policy you might not be able to afford the new, higher premiums to extend the insurance protection.  Or you might not be healthy enough to get life insurance at any price. 

If you learn about life insurance in online, on TV or in print, you’ll see differing viewpoints presented as “THE TRUTH” about the right way to buy life insurance. You may have heard one or more of these opinions:

  • Term life insurance is a short-sighted waste of money.
  • Term insurance is the best value for your money.
  • Whole Life insurance is too expensive.
  • Whole Life insurance is a good long-term value.
  • Buy term and invest the difference.
  • Universal life insurance is a rip off.
  • Universal life is the best hedge against inflation.
  • Variable life insurance is a smart investment.
  • Variable life insurance is a risky gamble in the market.

Those conflict. They can’t ALL be true! In my 31 years (as of 2021) as a life insurance professional, this is my conclusion.  Life insurance is a tool — like a hammer, screwdriver, or wrench. Use the right tool and you’ll get the job done well. Use the wrong tool and you’ll make a mess of things (or worse).

The product is NOT the problem — it’s the fit!

Every product has pros and cons. What is perfect for one person’s needs may be all wrong for another. You have to work with a professional who knows his “tools” expertly to construct a plan that fits your needs.

THREE: Finding affordable life insurance rates

The most expensive product may be overkill. The cheapest product may be the most expensive solution. Or no solution at all. When buying life insurance, the most important questions to consider are:

  1. What problem do you want solved by this purchase? (purpose)
  2. How long will this problem exist? (duration)
  3. How much money will solve the problem? (policy size)
  4. What is your budget for solving this problem? (cost)

If you shop for price alone, you are sure to come out a loser. I’m a big fan of low prices but I think it is short sighted to pay a low price for the wrong life insurance policy. I want you to have peace of mind knowing you have the lowest price on the best policy. (Check out client testimonials.).

My strategy is threefold: (1) match your needs with the best product for them, (2) compare your health history with the underwriting guidelines of multiple insurers to find the right company THEN (3) I’m sure to get you the lowest price on the policy that fits your needs and budget. Pretty simple, don’t you think?

An uninformed buyer tends to be putty in the hands of a salesman. They tend to buy whatever is recommended.  But working with a professional life insurance broker should be like visiting an accountant, lawyer or doctor. Those experts ask questions to uncover the true needs.  They are consulted for their knowledge and expertise. 

Who Else Wants Affordable Rates?

To get affordable life insurance rates, balance the three-leg stool: Company + Product + Price. There are lots of agents who will give you a low-ball quote to grab your attention. I’m not one of them. I deliver truthful insurance information with a smile and give quality client services. (Read original testimonials.) 

I wrote the book on how to avoid the gimmicks, tricks and scams when buying life insurance. (Get a copy free by mail.)  I want you to be a better buyer and user of insurance so I provide over a hundred consumer education reports. Find out why most online life insurance quotes are worthless on this page.

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